Transferring funds easier with PayNow, Latest Business News - The New Paper

Transferring funds easier with PayNow

This article is more than 12 months old

The PayNow fund transfer system that goes live on July 10 will not replace existing e-payment apps and methods but make them even easier to use, banks say.

PayNow, which will allow people to transfer money to one another using just the recipient's mobile or NRIC number, was announced by the Association of Banks in Singapore on Tuesday as an important step towards developing a cashless society.

Customers of seven participating banks - DBS, OCBC, United Overseas Bank, HSBC, Standard Chartered, Citibank and Maybank - who want to send and receive money through PayNow will have to link their mobile and NRIC numbers to their accounts, either on the bank's website or mobile app.

One bank account can be linked to one mobile number and one NRIC number, and the sender will be able to see the recipient's name before confirming the transfer.

The new system does not mean having to learn a new way of transferring funds, nor that existing fund transfer apps will become obsolete, banks say. - THE STRAITS TIMES